Get Profitable Gold Market News

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Market Outlook
Gold prices were lower on Wednesday, edging down for the third straight session as investor sentiment remained skewed toward riskier assets amid optimism surrounding an expected tax reform announcement from U.S. President Donald Trump’s administration later in the day. Oil prices edged lower on Wednesday as ample global supplies and data showing a rise in U.S. crude inventories cast doubt on OPEC’s ability to tighten the market with output cuts. Metals prices are also up across the board, suggesting the wave of weakness that has hit that market in recent weeks may have passed.

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Fundamental News
Gold dropped to its lowest level in two-weeks, as risk on sentiment continued to dominate asset flows, after recent polls pointed to an easy victory for pro-EU candidate Emmanuel Macron in the runoff vote for the French presidency, scheduled for May 7.

Crude has been under heavy selling pressure in recent days amid fears that an ongoing rebound in U.S. shale production could derail efforts by other major producers to rebalance global oil supply and demand.

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Gold showed bearish movement and found the important support level of 28660. Now if it will close below the important support level of 28620 then 28350 will act as next support level. On the other hand 29250 will act as a major resistance level.

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Silver showed bearish movement and found the important support level of 39900. Now if it will close below the important support level of 39700 then 38500 will act as next support level. On the other hand 41300 will act as a major resistance level.

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Crude showed bullish movement and found the important resistance level of 3227. Now if it will close above the important resistance level of 3250 then 3300 will act as next resistance level. On the other hand 3100 will act as a major support level.

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Copper showed sideways to bullish movement and found the important resistance level of 367.10. Now if it will close above the important resistance level of 370 then 380 will act as next resistance level. On the other hand 355 will act as a major support level.

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